ED Attaches Rs 936 Crore As Proceeds Of Crime, Arrests 5

ED Attaches Rs 936 Crore As Proceeds Of Crime, Arrests 5

The Enforcement Directorate (ED) has attached Rs 936 crore proceeds of crime and arrested 5 five persons related to cryptocurrency fraud, Parliament was informed on Monday. Further, under the Foreign Exchange Management Act, 1999 (FEMA), assets amounting to Rs 289.28 crore have been seized and one show cause notice to cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its directors has been issued for transactions involving cryptocurrencies worth Rs 2,790 crore.

In a written reply to a question in the Lok Sabha, minister of state for finance Pankaj Chaudhary said the Enforcement Directorate is investigating several cases related to cryptocurrency frauds wherein a few crypto exchanges have also been found involved in money laundering.

“As on January 31, 2023, proceeds of crime amounting to Rs 936 crore have been attached/seized/freezed, 5 persons have been arrested and 6 prosecution complaints (PCs) including 1 supplementary PC have been filed before the Special Court, PMLA in these cases,” Chaudhary said.

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To a question on whether the government has any plans for regulating virtual digital assets in the country, the minister said crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage.

“Therefore, any legislation for regulation or for banning can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards,” Chaudhary added. 

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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